4//SEC Filing
Skyline Medical Inc. 4
Accession 0001144204-14-044984
$AGPUCIK 0001446159operating
Filed
Jul 24, 8:00 PM ET
Accepted
Jul 25, 4:45 PM ET
Size
10.4 KB
Accession
0001144204-14-044984
Insider Transaction Report
Form 4
Kornberg Joshua
DirectorCEO and President10% Owner
Transactions
- Purchase
Senior Convertible Note
2014-07-23$100000.00/sh+1$100,000→ 1 total(indirect: See Footnote)Exercise: $0.15From: 2014-07-23Exp: 2015-07-23→ Common Stock, par value $0.01 per share (814,637 underlying) - Purchase
Warrants
2014-07-23+1→ 1 total(indirect: See Footnote)Exercise: $0.17From: 2014-07-23Exp: 2019-07-23→ Common Stock, par value $0.01 per share (407,318 underlying)
Footnotes (4)
- [F1]On July 23, 2013, the Issuer issued a senior convertible note in an original principal amount of $122,195.60 (the "Note") to SOK Partners, LLC ("SOK Partners") for a purchase price of $100,000. The Note is convertible at any time after issuance, at the holder's option, into shares ("Shares") of the Company's common stock, par value $0.01 ("Common Stock") per share, at a conversion price equal to the lesser of (i) 72.5% (or if an event of default has occurred and is continuing, 70%) of the average of the lowest three volume weighted average prices of the Common Stock during the ten consecutive trading days prior to the conversion date, and (ii) $0.15 (as adjusted for stock splits, stock dividends, recapitalizations or similar events). Up to $13,500 in principal (plus interest accrued thereon) on the Note will be automatically extinguished upon the effectiveness of a resale registration statement within 120 days (assuming the Note are not otherwise in default).
- [F2]The Note will be due on July 23, 2015; provided, however, this date may be extended at the option of the holder in accordance with the terms of the Note.
- [F3]Atlantic Partners Alliance LLC is the sole member of SOK Partners. Mr. Kornberg is one of the members of Atlantic Partners Alliance LLC and may therefore be deemed to be an indirect beneficial owner of securities of the Issuer held by SOK Partners. Mr. Kornberg disclaims beneficial ownership of all such securities except to the extent of his pecuniary interest therein.
- [F4]On July 23, 2013 SOK Partners acquired the Note for an aggregate purchase price of $100,000. In such transaction, SOK Partners was also issued a warrant to initially acquire up to 407,318 additional shares of Common Stock ("Warrant Shares"), exercisable for 5 years, at an exercise price of $0.165 per share (the "Warrant"). The Warrant may be exercised by the holder on any day on or after the date of issuance. 45,000 Warrant Shares will be automatically extinguished upon the effectiveness of a resale registration statement within 120 days (and a lesser period of time if such registration statement is not subject to review by the U.S. Securities and Exchange Commission).
Documents
Issuer
Skyline Medical Inc.
CIK 0001446159
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0001446159
Filing Metadata
- Form type
- 4
- Filed
- Jul 24, 8:00 PM ET
- Accepted
- Jul 25, 4:45 PM ET
- Size
- 10.4 KB